Illinois home sales rose 24.4% over previous-year levels in May, while the median price increased 6.9%, according to data from the Illinois Association of Realtors.
Home sales statewide in May equaled 15,091 home sold, up from 12,130 in May 2012. This represents the 23rd consecutive month of year-over-year sales increases and is the strongest May since 2006 when 17,622 home were sold in the state.
The median price in Illinois was $155,000, up from 6.9% from May 2012, when the median price was $145,000.
“Buyers are still quite bullish when it comes to the housing market and the increase in median home prices reflects that strong demand,” said Michael Oldenettel, president of the Illinois Association of Realtors. “The fact that sales are approaching pre-recession levels is a positive sign that the market has rebounded.”
Illinois’ housing inventory of homes for sale in May fell to 64,648, down 29% from last year’s 91,009 units. Homes are selling quicker now also, down 19.4% from 103 days in May 2012 to 83 days last month.
